oversight

Review of Audit Report of Future Farmers of America

Published by the Government Accountability Office on 1977-03-29.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

                           DOCOBSIT RES3o!
00314 -   lA1051878]   o
(Review of Audit Report of Future Farmers of America]. B-55712.
march. 2S, 1977. 1 pp.
Report to Rep. Peter o. Rodino, Jr., Chairman, House Committee
on the Juditcary; by Robert F. Keller, Deputy Comptroller
General.
contact: Office of the General Counsel.
                                        lanagement and
Budget Function: niscellaneous: rinancial
    Information Systems (1002).
organization Concerned: Future fiaeOL e.f America.
Congressional Relevance: House Committee on the Judiciary.
Authority:  (P.L. 88-504; 36 O.S.C. 1101). 36 O.S.C. 271.
         An arlit report of the Future F&*rers of America for
the year ended June 30, 1976, was prepar.;d bt a certified public
accountant and included a statement of the scope of the audit
and the auditor's -pinion that the financial statements present
fairly the financial position of the Futura Farmers of America.
Findings/Conclusions: The results of operations for the year
4nded June 20, 1976, are presented in conformity with generally
accepted accounting prin'.ples. 'he audit and financial
reporting requiremente fit federally chartered ccrporations have
been net. (aBS)
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B-55712                                                           MAR 29 1977


The Honorable Peter W. Rodino, Jr.
Chairman, Committee on the Judiciary
House of Representatives
Dear Hr. Chairman:

      As requested in your letter of February 25, 1977, we have reviewed the
audit report of the Future Farmers of America for the year ended June 30,
1976. Our review was directed to determining whether the report complies
with the financial reporting requirements for federally chartered corpora-
tions set forth in Public Law 88-504, approved August 30, 1964 (36 U.S.C.
1101).   The Future Farmers of America was chartered by the act of August 30,
1950 (36 U.S.C. 271).
     The audit report was prepared by a firm of certified public accountants.
It included a :tatement of the scope of audit and the auditor's opinion tfiat
the financial statements present fairly the financial position of the Future
Farmers of America a ~ June 30, 1976, and the results of operations for the
year then ended, in conformity with Zanerally accepted accounting principles
applied on a basis consistent with e preceding year.
     This report was duo December 31, 1975, but vas not received until
Janlary 72, 1977. In our opinion, except for the late receipt of the report,
the aud't and financial reporting requirements of Public Law 88-504 have
been aet.

        We are returning the audit report sent with your letter of February 25,
1977.

                                          Sincerely yo',:,


                                              R.y. IKEiRq
                                    Deputy Comptroller General
                                           of the United States

Enclosure